NIFTY WEEKLY OUTLOOK & TECHNICAL VIEW FOR COMING WEEK 1 AUG TO 5 AUG 2022

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WEEKLY RESISTANCE FOR NIFTY: 17200, 17400, 17600

PIVOT POINT: 17000

WEEKLY SUPPORT FOR NIFTY:  16800, 16600, 16400

WEEKLY CHART FOR NIFTY

DAILY RESISTANCE FOR NIFTY: 17175, 17275, 17375

PIVOT POINT: 17075

DAILY SUPPORT FOR NIFTY:  16975, 16875, 16775

DAILY CHART FOR NIFTY

Last week's spectacular rally was followed by a soft open on Monday 25th July 2022 on sluggish global signals. After a small recovery in the initial trades, profit booking increased to sneak below the 16600 level around mid-session. However, as we entered the second half, buying picked up at lower levels, taking the benchmark index close to the morning high. The market wasn't done with its twists and turns when we saw yet another decline towards the end of the session. Eventually, Nifty ended the session with a little over half a percent cut. Although global markets were a bit nervous on Tuesday morning, July 26, 2022, we started the session on a flat note towards the close of Monday. This turned out to be a mere formality as we witnessed the benchmark index slide down in the early trades themselves. Around 16500 the market took a breather and then consolidated with a hint of some recovery. However, at the stroke of the hour before last, markets again became somewhat hesitant, leading to a resumption of downward movement to end the session down almost nine tenths of a percent. The sluggish action of the last two days was followed by a flat start in our market on Wednesday 27th July 2022. During initial trading, Nifty dipped marginally below 16450. But the bulls did not want to miss this opportunity as we saw strong buying at lower levels. As the day progressed, this momentum continued to accelerate, eventually ending the session at the highest point of the day with a gain of almost a percent. On Thursday, the Federal Reserve Chair failed to shock markets this time by announcing a 75 basis point rate hike, which was very much in line with expectations. In fact, the dovish commentary lifted the general mood in the US markets, which was positive for our markets at yesterday's open. 28 July 2022 started the session with a decent rise above the 16750 level, which continued to accelerate throughout the day. Finally, benchmark index Nifty managed to close on a 3-month high, adding more than 1.70% to the previous close. Wall Street staged a robust recovery after a shaky open on Friday, July 29, 2022 on a contraction in the US economy as the market anticipated that aggressive monetary policy would soon come to an end. This fueled optimism in the domestic market and the rupee appreciated against the dollar. . Indian benchmark indices closed higher for the third straight day on July 29 with Nifty above 17,100. On completion, the Sensex rose 712 points to 57570 and the Nifty rose 228 points to 17158.

TECHNICALLY SPEAKING

On July 29th the Nifty crossed the psychological mark of 17000. In terms of technical parameters, it has scaled above the 61.8% retracement of the April-June decline and the 200 DMA. Therefore, the index can continue to stretch higher as long as it stays above 17000. On the higher side, it may briefly test 17200-17300. Nifty remains strong as the index rose for the third straight day. Also, the index has held above the major short-term move, indicating a positive trend. The daily RSI is in a bullish crossover and rising. In the short term, the trend should remain positive. At the bottom, support is attached at 16800-16700. Upper end resistance is seen around 17500. The Nifty continued to clear hurdles and move north for another session. Despite starting the week on the negative side, the index found support near last week's gap area. The index then rallied sharply over the course of the week.  The week ended on a high with Bank Nifty's bulls in complete control, slamming the bears left, right and center. The index remains in a buy-on-dip mode with immediate support at the 36800 level. Upside resistance lies at 38,000 where the highest open interest builds on the call side and after breaking further rally towards 38,500 -39,000 zone will experience.